<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000871839
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 T. ROWE PRICE BALANCED FUND, INC.
001 B000000 811-6275
001 C000000 4105472000
002 A000000 100 EAST PRATT STREET
002 B000000 BALTIMORE
002 C000000 MD
002 D010000 21202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02101
015 E010001 X
018 000000 Y
019 A000000 Y
019 B000000 72
019 C000000 TROWEPRICE
020 A000001 INVESTMENT TECHNOLOGY
020 B000001 95-4339369
020 C000001 22
020 A000002 ROBERT FLEMING
020 C000002 18
020 A000003 MORGAN STANLEY
020 B000003 13-2655998
020 C000003 14
020 A000004 CHEVREUX VIRIEU
020 B000004 13-4995650
020 C000004 11
020 A000005 ALFRED BERG
020 B000005 13-5674085
020 C000005 11
020 A000006 SARASIN
020 B000006 13-2798343
020 C000006 8
020 A000007 WARBURG SG
020 B000007 13-3340045
<PAGE> PAGE 2
020 C000007 7
020 A000008 JAMES CAPEL
020 B000008 52-1348224
020 C000008 6
020 A000009 MILLER TAYBAC
020 B000009 13-3086847
020 C000009 6
020 A000010 GOLDMAN SACHS
020 B000010 13-5108880
020 C000010 5
021 000000 134
022 A000001 GOLDMAN SACHS
022 B000001 13-5108880
022 C000001 549268
022 D000001 11415
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 321646
022 D000002 9624
022 A000003 BANKERS TRUST
022 B000003 13-4941247
022 C000003 226900
022 D000003 591
022 A000004 JP MORGAN
022 B000004 13-3224016
022 C000004 98863
022 D000004 1981
022 A000005 MERRILL LYNCH
022 B000005 13-5674085
022 C000005 88033
022 D000005 3207
022 A000006 FIRST BOSTON
022 B000006 13-5659485
022 C000006 79470
022 D000006 1879
022 A000007 DONALDSON LUFKIN
022 B000007 13-2741729
022 C000007 18468
022 D000007 1396
022 A000008 SALOMON BROTHERS
022 B000008 13-3082694
022 C000008 16692
022 D000008 2220
022 A000009 HOUSEHOLD FINANCE
022 B000009 36-1239445
022 C000009 17374
022 D000009 0
022 A000010 MORGAN STANLEY
022 B000010 13-2655998
022 C000010 13143
022 D000010 1373
<PAGE> PAGE 3
023 C000000 1511642
023 D000000 42799
024 000000 Y
025 A000001 JP MORGAN
025 B000001 13-3224016
025 C000001 E
025 D000001 1605
025 A000002 LEHMAN BROTHERS
025 B000002 13-2518466
025 C000002 D
025 D000002 1679
025 A000003 MORGAN STANLEY
025 B000003 13-2655998
025 C000003 D
025 D000003 5006
025 A000004 DELETE
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
028 A010000 18687
028 A020000 2
028 A030000 0
028 A040000 5436
028 B010000 11912
028 B020000 0
028 B030000 0
028 B040000 4799
028 C010000 20865
028 C020000 5013
028 C030000 0
028 C040000 4540
028 D010000 11378
028 D020000 0
028 D030000 0
028 D040000 6037
028 E010000 18126
028 E020000 0
028 E030000 0
028 E040000 5686
028 F010000 8397
028 F020000 8230
028 F030000 0
028 F040000 5498
028 G010000 89365
028 G020000 13245
028 G030000 0
028 G040000 31996
028 H000000 0
054 A000000 Y
<PAGE> PAGE 4
054 B000000 N
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
054 O000000 Y
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
<PAGE> PAGE 5
070 J020000 Y
070 K010000 Y
070 K020000 Y
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 Y
070 N010000 Y
070 N020000 Y
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 157999
071 B000000 57743
071 C000000 458385
071 D000000 13
072 A000000 12
072 B000000 18536
072 C000000 6105
072 D000000 0
072 E000000 0
072 F000000 2778
072 G000000 0
072 H000000 0
072 I000000 1624
072 J000000 133
072 K000000 45
072 L000000 50
072 M000000 16
072 N000000 78
072 O000000 0
072 P000000 0
072 Q000000 99
072 R000000 20
072 S000000 4
072 T000000 0
072 U000000 10
072 V000000 0
072 W000000 15
072 X000000 4872
072 Y000000 0
072 Z000000 19770
072AA000000 5809
072BB000000 0
072CC010000 86445
072CC020000 0
<PAGE> PAGE 6
072DD010000 19706
072DD020000 0
072EE000000 7187
073 A010000 0.4700
073 A020000 0.0000
073 B000000 0.1700
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 64087
074 D000000 225626
074 E000000 448
074 F000000 322082
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 2100
074 K000000 0
074 L000000 7003
074 M000000 35
074 N000000 621381
074 O000000 8390
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 4903
074 S000000 0
074 T000000 608088
074 U010000 45992
074 U020000 0
074 V010000 13.22
074 V020000 0.00
074 W000000 0.0000
074 X000000 18918
074 Y000000 0
075 A000000 0
075 B000000 511485
076 000000 0.00
077 A000000 Y
077 B000000 Y
078 000000 N
080 A000000 ICI MUTUAL INSURANCE COMPANY
080 B000000 NONE
080 C000000 55000
081 A000000 Y
081 B000000 119
082 A000000 Y
082 B000000 100
083 A000000 N
<PAGE> PAGE 7
083 B000000 0
084 A000000 N
084 B000000 0
085 A000000 Y
085 B000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE JAMES S. RIEPE
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000871839
<NAME> T. ROWE PRICE BALANCED FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 518716
<INVESTMENTS-AT-VALUE> 612243
<RECEIVABLES> 9103
<ASSETS-OTHER> 35
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 621381
<PAYABLE-FOR-SECURITIES> 8390
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4903
<TOTAL-LIABILITIES> 13293
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 513010
<SHARES-COMMON-STOCK> 45992
<SHARES-COMMON-PRIOR> 35178
<ACCUMULATED-NII-CURRENT> 75
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1484
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 93519
<NET-ASSETS> 608088
<DIVIDEND-INCOME> 6106
<INTEREST-INCOME> 18536
<OTHER-INCOME> 0
<EXPENSES-NET> 4872
<NET-INVESTMENT-INCOME> 19770
<REALIZED-GAINS-CURRENT> 5809
<APPREC-INCREASE-CURRENT> 92254
<NET-CHANGE-FROM-OPS> 112024
<EQUALIZATION> 297
<DISTRIBUTIONS-OF-INCOME> 19706
<DISTRIBUTIONS-OF-GAINS> 7187
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 14638
<NUMBER-OF-SHARES-REDEEMED> 5735
<SHARES-REINVESTED> 1911
<NET-CHANGE-IN-ASSETS> 216085
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3092
<OVERDISTRIB-NII-PRIOR> 230
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2778
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4872
<AVERAGE-NET-ASSETS> 511485
<PER-SHARE-NAV-BEGIN> 11.14
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> 2.24
<PER-SHARE-DIVIDEND> .47
<PER-SHARE-DISTRIBUTIONS> .17
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.22
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
